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Markets

Rupee sustains further losses against US dollar

  • Currency settles at 278.50 against the greenback in inter-bank market
Published May 30, 2024

The Pakistani rupee sustained losses for the third consecutive session, depreciating 0.04% against the US dollar in the inter-bank market on Thursday.

At close, the local unit settled at 278.50, a loss of Re0.10 against the greenback, as per the State Bank of Pakistan (SBP).

On Wednesday, the rupee had closed at 278.40, down by Re0.10.

In recent weeks, the local currency has largely been around 277-278 against the US dollar as Pakistan moves forward with its plan to clinch a longer and larger International Monetary Fund (IMF) bailout programme.

Internationally, the US dollar scaled a two-week peak against its major peers on Thursday, as a rout in Treasuries improved the currency’s allure due to higher US yields and demand for safe-haven assets.

The US dollar pushed to a two-week top versus the euro and extended its rebound from a more than two-month low to sterling following a two-day, 15-basis point jump above 4.6% for long-term Treasury yields.

Spurred by a spate of stronger-than-expected economic data and a run of poorly received auctions, the Treasury market rout has spooked investors, sending global equities sliding sharply and spurring a rush to the safest assets.

The dollar index, which measures the currency against six major peers, including the euro, sterling and the Japanese yen, reached the highest since May 14 at 105.17 on Thursday, following a 0.5% advance in the prior session.

Oil prices, a key indicator of currency parity, eased on Thursday after resilient US economic activity pointed to borrowing costs staying higher for longer in a potential blow to demand.

Ahead of US crude oil stockpiles data due later in the day, Brent futures dipped 26 cents or 0.3% to $83.34 a barrel as of 0630 GMT, while US West Texas Intermediate (WTI) crude fell 23 cents or 0.3% to $79.00.

Both benchmarks are headed for monthly losses, with Brent futures on track for a decline of more than 5% from last month, while WTI was poised for a slide of over 3%.

Inter-bank market rates for dollar on Thursday

BID                            Rs 278.50

OFFER                      Rs 278.70

Open-market movement

In the open market, the PKR lost 9 paise for buying and 2 paise for selling against USD, closing at 277.16 and 279.49, respectively.

Against Euro, the PKR gained 1.31 rupee for buying and 1.40 rupee for selling, closing at 297.82 and 300.66, respectively.

Against UAE Dirham, the PKR gained 1 paisa for buying and remained unchanged for selling, closing at 75.25 and 75.98, respectively.

Against Saudi Riyal, the PKR lost 2 paise for buying and 1 paisa for selling, closing at 73.52 and 74.20, respectively.

Open-market rates for dollar on Thursday

BID                            Rs 277.16

OFFER                      Rs 279.49

Comments

200 characters
Ali May 31, 2024 02:45am
350 will happen soon
thumb_up Recommended (0) reply Reply